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It would be a remarkable coincidence if the player was awarded through arbitration the exact amount of the option salary- Neags mentions in his first post that his salary was equal to the option salary.
If a player were still arbitration eligible (and I imagine this would be quite rare, to have an arb eligible player with an option year during his arb years), and had an option year on his contract, the option should override his arbitration status if the option is accepted; his arbitration status wouldn't matter. If the option is declined, however, the player would then have his salary determined through arbitration; he wouldn't go to free agency.
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